INVESTOR PRESENTATION June, 2019 CONTENTS 3 Empresas Copec at a - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

June, 2019

Empresas Copec at a glance Strategic Focus Competitive Advantages Internationalization Latest and Potential Expansions Financial Strength Commitment to ESG initiatives 1Q19 Results

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CONTENTS

7 10 16 20 30 33 35

Arauco 65,2% Combustibles 34,6% Otros 0,2%

International Local

Forestry 62,6% Fuels 30,2% Others 7,2%

Stable BBB

EMPRESAS COPEC AT A GLANCE

Industrial group focused in natural resources and energy

Source: Empresas Copec, Bloomberg, RISI Figures LTM as of March 2019 *Market Cap as of May 30th 2019

FORESTRY EBITDA: US$ 1,749 million

• Second largest market pulp and panel

producer of the world

• Largest sawn timber producer in Latam

FUELS EBITDA: US$ 929 million

• Main distributor of liquid fuels in Chile and

Colombia

• Largest distributor of liquefied petroleum

gas in Chile, Colombia and Peru

• Stake in the largest natural gas distributor

in Chile

FISHING, MINING & OTHERS EBITDA: US$ 5 million

• One of the most important fishing

companies in Chile and the world

• Participates in coal and metal mining

Business Units

Market Cap* US$ 13,470 million Sales US$ 24,145 million

Highlights Consolidated EBITDA

Total of US$ 2,684 million

Consolidated Assets

Total of US$ 24.409 million

Risk Rating

Stable AA / AA- 3

Industrial group focused in natural resources and energy

39.83% 99.20% 40.80% 12.00% 39.83% 100.00% ANGELINI GROUP OTHERS PENSION FUNDS OTHERS FORESTRY FUELS FISHING OTHER INVESTMENTS 74.68% 25.32% 60.82% 8,02% 31,16% 99.98% 58.51% 51.00% 81.93% 83.50% 39.79% 100.00% 100.00% 100.00%

Figures as of March 2019

46.79% 46.79% 40.00% 100.00% 50.00%

EMPRESAS COPEC AT A GLANCE

4

1934

Incorporation

1950- 1960

Expansion in fuels

• Abastible
• Sonacol

1986

Entry of Angelini group

• Financial

restructuring

• Strategic

Development Plan

1970-1980

Diversification

1986-2000

Investments and growth

• Alto Paraná
• Arauco II
• Licancel
• Metrogas

2000-2005

Consolidation and strategic focus

• Angelini assumes control
• f the Company
• Divestiture of shares in

non-core businesses

• Focus in fuels, forestry

and fishing

2003

Corporate restructuring

• Creation of Empresas

Copec

2005-2010

A world scale player

• Arauco becomes

the second largest market pulp producer in the world and the third main panel producer

2010-2018

Internationalization

• Expansion of liquid fuels and LPG

business to Colombia

• Montes del Plata pulp mill in

Uruguay starts operations(1)

• Consolidation of the panel

business

• Terpel completes its restructuring

process

• Empresas Copec sells its stake in

Guacolda for US$ 364 million

Source: Empresas Copec (1) Arauco participates in a joint venture with Stora Enso (50% participation each) (2) Tafisa is the subsidiary of the Portuguese group Sonae Industria, dedicated to the panel business, which has plants in Spain, Portugal, Germany and South Africa (3) Abastible acquired Repsol’s LPG operations in Peru and Ecuador (4) Mina Justa is a copper mining Project, located in Ica, Peru. The remaining 60% stake is owned by Minsur, which is controlled by the Breca group

• Arauco acquires a 50% stake in Tafisa(2)
• Abastible acquires Solgas in Peru and

Duragas in Ecuador(3)

• Copec completes the acquisition of

Mapco in the United States

• Arauco acquires Masisa’s assets in Brazil

and Mexico

• Copec acquires ExxonMobil’s lubricants

and liquid fuels assets in Colombia, Ecuador and Peru

• Alxar acquires 40% stake of Mina Justa

project in Peru(4)

83 years of history

EMPRESAS COPEC AT A GLANCE

5

15.139 14.403 13.470 13.243 9.155 8.729 7.932 6.630 6.254

One of the most relevant companies in Chile

Source: Bloomberg (1) As of May 30th 2019

Market capitalization of Chilean companies(1)

US$ million

Americas Chile

EMPRESAS COPEC AT A GLANCE

6

Strategic Focus

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Acquisitions/Investments

Planta Valdivia - Forestry Planta Nueva Aldea - Forestry Mina Invierno - Mining Stora Arapoti - Forestry TPI Quintero - Fuels Golden Omega - Fishing / Nutrition Tafisa Brasil - Forestry Terpel - Fuels Orizon - Fishing / Nutrition Montes del Plata - Forestry Inversiones del Nordeste - Fuels Moncure - Forestry Flakeboard - Forestry Selecta - Nutrition Tafisa - Forestry Mapco - Fuels Solgas - Fuels Duragas – Fuels Masisa Brazil – Forestry ExxonMobil Latam – Fuels Mina Justa - Mining Moncure

Tafisa Brazil Planta Valdivia Nueva Aldea

Total Assets 2000 US$ 7.1 Billion

Total Assets 2018

US$ 23.5 Billion Divestments

AES Gener - Power Generation CGE - Power Generation CCU - Massive Consumption Saesa - Power Distribution Frontel - Power Distribution Abcdin - Commercial Retail Guacolda - Power Generation GNL Quintero – Infrastructure Selecta - Nutrition

Total Assets

STRATEGIC FOCUS

Growth has concentrated in core segments, while keeping other options for value creation

TPI Quintero Stora Arapoti Masisa Brazil Mina Justa Latam Forestry 65,2% Fuels 34,6% Fishing & Others 0,2% Forestry 68,0% Fuels 18,0% Fishing & Others 14,0%

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Arauco 65,2% Combustibles 34,6% Otros 0,2%

14,5% 3,1% 1,6% 1,2% 7,1% 37,5% 28,7% 6,2%

North America 28% Asia 36% Europe 7% Central & South America 25% Others 4% Pulp 51% Forestry 2% Panels & Wood Products 46% Others 1%

Gas Stations 25% Industrial 20% Terpel 46% Mapco 9% Chile 49% Colombia 31% Other Countries 9% USA 11%

FOCUS IN FUELS AND FORESTRY

Consolidated EBITDA(1) By Product (2) By Region (2) Consolidated Revenues(2) By Channel (1) By Country (1)

Total of US$ 5,955 million Total of US$ 16,819 million

Diversification within core businesses

(1) Figures as of March 2019 (L12M) (2) By country of destination. Includes sales of goods produced in each country plus exports to each country. Figures as of December 2018 (L12M)

Total of US$ 2,684 million Total of 22.3 million m3 Total of US$ 5,955 million

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Competitive Advantages

COMPETITIVE ADVANTAGES

Low Cash Cost producer in both fibers

Source: Empresas Copec

Higher exposure to Softwood Short harvesting cycle (years)

7 9 11 12 38

Brasil Uruguay Portugal Chile Finlandia

16 45 75 Chile Canada Finlandia Softwood Hardwood

BHKP 37% BSKP 41% UKP 13% Fluff 9%

Capacity by grade* 3,887 th. Adt *Figures as of December 2018

East Europe Chile Other World Sweden US

• Int. West Canada

Finland Coastal BC Other Europe East Canada Japan Brazil Indonesia Chile/Uruguay East Europe Canada Iberia Finland Sweden Other Asia Bel/France China US Japan 150 200 250 300 350 400 450 500 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 US$/ADt Cash Cost FOB mill Annual capacity (000s ADt) BSKP BHKP

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10,9

Pfleiderer Duratex Louisiana Pacific Swiss Krono Kastamonu Georgia Pacific Egger Norbord Arauco Kronospan

5,2

Georgia Pacific Stora Enso APRIL UPM Metsä APP CMPC International Paper Arauco Suzano

Efficient Logistics between forests → mills → ports

Source: Empresas Copec, as of December 2018

Maximizing the value of every tree Pulp installed capacity

Million tons

Panel installed capacity

Million m3

2nd 2nd

3,95 + 1,27 (MAPA) 9,55 + 1,36 (Grayling and Mexico)

COMPETITIVE ADVANTAGES

12

88%

Other 12%

84%

Other 16% Source: Empresas Copec

Strategic locations Strong brand recognition

Distinguished among the best companies in Corporate Reputation, Merco 2018 1st place in “Canned Gas" of the National Customer Satisfaction Award, ProCalidad 2017 Awarded the National Price Avonni 2018, for initiatives in sustainable natural gas production 1st place in “Service Stations” of the Loyalty Award 2018 by Effie. Distinguished by GfK Adimark in the ranking “Best place to innovate 2018” Recognized among the companies with the best corporate reputation, according to Merco Empresas and Lideres Colombia 2017 ranking

Favorite Brand Usual Brand

COMPETITIVE ADVANTAGES

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Large scale and coverage

• More than 3,200 gas stations*
• Distribution of 21.9 million m³
• f liquid fuels**
• Import facilities
• Storage plants
• Industrial clients

Gas crisis % Market Share***

Gas Stations Convenience Stores Lubricants Industrial Channel Synergies among business lines

* Copec Chile + Terpel + Mapco ** All distribution channels for Copec Chile, Terpel and Mapco LTM *** Market share as of February 2019

MARKET SHARE EVOLUTION COPEC LIQUID FUELS

58.2% 49.0%

COMPETITIVE ADVANTAGES

14

0,0 1,5 3,0 4,5 6,0 7,5 9,0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Logistic efficiency

Other players in Chile

Thousand m3 sold / gas station

Leadership in all businesses in which it participates

Fuels distribution in Chile Lubricants distribution in Chile Fuels distribution in Colombia* LPG distribution in Chile LPG distribution in Colombia LPG distribution in Peru

Market share as of february 2019. *Terpel’s market share as of Dicember 2018.

LPG distribution in Ecuador

58,2% 41,8% 53,3% 46,7%

1st 1st

44,0% 56,0%

1st

38,2% 61,8% 19,5% 80,5% 38,6% 61,4% 32,6% 67,4%

1st 1st 1st 1st

COMPETITIVE ADVANTAGES

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Internationalization

Replicating our know how within Latam

INTERNATIONALIZATION

Selected oportunities in developed economies

¿Why Terpel?

• High growth potential in the Colombian market:
• Colombia’s vehicular penetration is lower than in Chile.
• Low highway vehicular flows.
• Low market penetration of convenience stores business.
• Areas in which both company’s expertise can generate mutual benefits:
• Copec’s efficiency in its gas stations operation.
• Terpel’s experience in NGV market.

Arauco acquires Flakeboard and Moncure Panel companies in North America:

• Good opportunities in the low part of the cycle.
• Significant synergies between facilities.
• Access to commercial channels.
• Significant upside potential.
• Total investment reaches US$ 298.5 million.

Two strategic lines of growth outside Chile

+78%

Crecimiento EBITDA Terpel 2010-2018: Peru Colombia Panamá Chile Dominican Republic Ecuador

Liquid Fuels Lubs LPG NGV Liquid Fuels Liquid Fuels Lubs Liquid Fuels Lubs LPG Pipelines Natural Gas Import Terminal Liquid Fuels Lubs LPG NGV Liquid Fuels Lubs LPG NGV

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Source: Empresas Copec United States Canada Production Platforms Holland Norway Peru Argentina Brasil South Africa Colombia Venezuela Australia Saudi Arabia China India Thailand Korea Japan Taiwan Philippines Malaysia Indonesia Chile Panama Ecuador Portugal Spain Germany Dominican Republic Uruguay Forestry Fuels Fishing and other investments Arauco Comercial Offices Arauco Agents

Productive assets in 15 countries, commercial presence in 23, and sales in more than 80

INTERNATIONALIZATION

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Non Current Assets History - Local vs Foreign

Other Countries Chile

21% 19% 29% 31% 32% 34% 34% 38% 39% 38% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

INTERNATIONALIZATION

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Latest and Potential Expansions

Forestry 74% Fuels 18% Others 8%

ESTIMATED CAPEX 2019

LATEST AND POTENTIAL EXPANSIONS

Total of US$ 2,766 million

2.221 2.766 *

* Aquisition of assets in Colombia, Peru and Ecuador

ExxonMobil* Mina Justa MAPA Grayling Valdivia

CAPEX History

* Investment plan for 2019

Figures in US$ million

21

• New 1.56 million ton short fiber line in Arauco Mill.
• Considers closure of Arauco’s 290 th. ton line 1 of short fiber

pulp, once the new line is operating. Thus the net increase in production will be 1.27 million tons.

• It includes an electric cogeneration plant based on biomass that

will generate a surplus of approximately 132 MW.

• Estimated investment of US$ 2.35 billion.
• Expected start-up for 2Q21.

MAPA Project - Pulp

3,3 0,7 3,9 1,3

Pulp capacity as of December 2013 Montes del Plata (Uruguay, 2014) Current Capacity MAPA project net addition (Chile) Potential Capacity

+31% +20%

5.2 Mt

*Figures in million tons

Current Capacity

• In October 2018, Arauco signed the main contracts with two of

the leader suppliers of pulp industry equipment worldwide: Andritz and Valmet.

• In February 2019, the earth-moving works started.
• In April 2019, Arauco signed a inancing agreement with

Finland’s Export Credit Agency Finnvera and some banks, of €555 million to buy the principal equipment.

• Equipment assembly expected to begin in October, 2019

Model of the project for 2021

LATEST AND POTENTIAL EXPANSIONS

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This kind of pulp is used in the textile industry to soften, shine and purify fibers. It can also be used in the food, cellophane and flexible packaging industries, among others.

• As of March 2019, the project is at 75% completion.
• Conversion of the Valdivia mill into a textile pulp mill, which

currently produces 550 th. ton of pulp.

• Dissolving pulp is a product used in the textile industry as a

substitute for cotton.

• It will provide flexibility to produce either dissolving or

paper grade.

• Arauco will be the first company to produce this kind of

pulp in Chile.

• The investment will be US$ 195 million and is expected to

be operational by the end of 2019.

Valdivia Project – Dissolving Pulp

LATEST AND POTENTIAL EXPANSIONS

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2,7 0,5 0,3 1,8 0,4 0,8 0,1 2,2* 0,7

9,5

0,6 0,8 10,9

Growth in the Panel Division

• Grayling:
• Total investment of approx. US$ 450 million, with a installed

capacity of 800 th. m3 of PB.

• As
• f

may 2019, the mill is producing and has already commercialized some volumes.

Installed capacity growth of panels

million m3

* Corresponds to 50% of the production capacity of Sonae-Arauco (1)

Grayling Project, Michigan

14%

LATEST AND POTENTIAL EXPANSIONS

24

Growth in the Panel Division

• Masisa do Brasil:
• Arauco acquired Masisa’s assets in Brasil in US$ 102.8 million.
• Transaction includes two panel mills, at Parana and Rio Grande do Sul.
• Capacity of 310 th. m³ in MDF and 410 th. m³ in MDP a year.
• Masisa in Mexico:
• Arauco acquired Masisa’s assets in Mexico in US$ 160 million.
• Transaction comprises two panel mills, at Durango and Zitacuaro.
• Capacity of 300 th. m³ in PB and 250 th. m³ in MDF a year.

Arauco to consolidate as the second largest producer of composite panels in the world, reaching an annual production capacity of more than 10 million m³.

* Corresponds to 50% of the production capacity of Sonae-Arauco

2,7 0,5 0,3 1,8 0,4 0,8 0,1 2,2* 0,7

9,5

0,6 0,8 10,9

Installed capacity growth of panels

million m3

(1)

14%

LATEST AND POTENTIAL EXPANSIONS

25

• In March 2018, Terpel acquired the lubricants and fuels distribution assets of

ExxonMobil in Colombia, Peru and Ecuador, for US$ 714.7 million, which included about US$ 230 million in cash.

• The Colombian operation was transferred to an autonomous trust, in order

to divide the lubricant from the fuels distribution business. While the

• perations in Peru and Ecuador are already consolidated in 2Q18 results.
• The operation was initially financed through bank bridge loans, then a part

was prepaid with cash and the remaining amount was refinanced with bonds.

• In July 2018, Terpel materialized the incorporation of the lubricants business
• f ExxonMobil Colombia, whose results were consolidated since then.
• In 4Q18, the autonomous trust sold the fuels distribution business in

Colombia to Primax, for US$ 232 million, complying with the conditioning imposed by the Colombian antitrust authority.

ExxonMobil - Lubricants and liquid fuels

(*) Market shares are approximated (**) Of the aviation market in Peru

Lubricants Country

30%

Liquid Fuels ExxonMobil’s Market Shares*

30% 9% 25% 19%** 6% Colombia Peru Ecuador

LATEST AND POTENTIAL EXPANSIONS

26

Mapco - Gas Stations and Convenience Stores

• On November 14, 2016, Copec completed the acquisition of the 100% of

Mapco shares.

• This company operates 348 service stations most of which are owned by
• Mapco. The company also supplies 142 service stations operated by third

parties, which sell fuel and have convenience stores.

• The price paid to acquire these companies free of debt was US$ 535

million, along with cash and a working capital adjustment on the closing date amounting to US$ 16.3 million.

Virginia 8 GS Georgia 42 GS Kentucky Mississippi 10 GS Arkansas 12 GS Alabama 89 GS Tennessee 187 GS

LATEST AND POTENTIAL EXPANSIONS

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3rd

Abastible became the third largest LPG distributor in South America

459 615 1185 188 466 403 Chile Colombia Perú Ecuador 134%

Physical Sales of LPG by country in 2016

• In

2016 Abastible completed the acquisition

• f

Repsol’s LPG

• perations in Ecuador (Duragas) and Peru (Solgas).
• 23% and 37% market share in Peru and Ecuador respectively.
• Annual volumes of 466 and 403 thousand tons in Peru and

Ecuador respectively.

• The price paid for Solgas was US$ 264 million and the price paid for

Duragas was US$ 33 million.

• With this acquisition Abastible became the third largest LPG player in

South America.

Thousand tons

Solgas and Duragas - LPG Operations

Total of 1.5 million tons

LATEST AND POTENTIAL EXPANSIONS

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• On April 23, Inversiones Alxar S.A. signed an agreement with Minsur S.A. to

develop the copper project of Mina Justa in the south of Peru.

• On May 2018, Alxar Internacional acquired 40% stake of Cumbres Andinas,

controller of Marcobre, which owns the Mina Justa project, with Minsur maintaining the 60% remaining.

• The price paid was US$ 182.4 million approximately.
• World class project:
• Low cash cost.
• High grade.
• Low development risk.
• Significant exploration potential.
• Production of app 100 th. tons per year of fine copper in full operation.
• Total resource base of 432 million tons and a copper grade of 0.75%.
• LOM of 18 years.
• Capex: USD$1,600 million in 3 years.
• Project finance of US$900 million. The remaining amount will be financed through

capital contributions proportional to ownership percentage in three years.

• As of March 2019, the project has a construction progress of 30%.

Mina Justa – Copper Mining

LATEST AND POTENTIAL EXPANSIONS

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Financial Strength

2.8 2.5 2.8 2.7 2.6 2.6 2.4 2.4 2.4 2.2 2.4 2.3 2.7 2.8 3.0 2.9 2.7 2.4 2.3 2.4 2.1 2.0 2.0 2.4

Net Debt / EBITDA

Stable Stable International BBB Local AA / AA-

FINANCIAL STRENGHT

Investment grade since 1995 Balanced debt schedule Fast recovery of debt levels after an expansion phase

(US$ Million)

Healthy cash flows allows to:

• Finance investment plans
• Distribute stable dividends
• Maintain low levels of leverage

Expansion phase Mapco Tafisa Duragas Solgas

1,618 1,173 668 603 581 1,233 929 71 311 545 290 56 393 61 1,142

Financial debt maturities Figures in US$ million

* Excluding the effect of the adoption of IFRS 16 accounting rules, the ratio for 1T19 is 2,2.

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US Dollar 53% Chilean Pesos 4% Chilean UF 31% Colombian Pesos 10% Others 2%

Bank Debt 29% Bonds 61% Others 10% EC Holding 8% Arauco 60% Copec 24% Abastible3% Sonacol1% Igemar 3% Others1%

Distribution by affiliate

(MUS$)

Equity and Net Debt / Equity Evolution Consolidated Financial Debt 1Q19: MMUS$ 8.054 (Cash and equivalent: MMUS$ 1.618)

Distribution by currency Distribution by type

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q 18 LTM 1Q 19 LTM Equity Net Debt / Equity

Bonds Covenant* 1,2x

FINANCIAL STRENGHT

32

Commitment to Environmental, Social and Governance initiatives

ESG COMMITMENT 779 MW

Installed capacity from forestry biomass

650 kton of CO2

• ffset by projects carried
• ut under CDM* of

Kyoto Protocol Risk management and external assessment Relationship with stakeholders Best board practices

*CDM: Clean Development Mechanism

26%

• f the forest is native

676 000’ hrs

Hours of staff training

21,2 US$ MM

in community and social development investment

COMMUNITY

Important contribution to Education, Culture, Sports and the Community

ENVIRONMENT

Sustainable development of our productive activities

CORPORATE GOVERNANCE

Solid structures to ensure good practices of management, investment and production Non-executive directors Independent director

Empresas Copec is part of the most relevant global indexes in sustainability

1Q19 Results

Net income 21% down YoY and 50% up QoQ.

247 217 83 361 216 154 124 161 193 143 42 133 173 117 132 49 174 311 106 280 335 308 148 221 II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I

EBITDA down 12% YoY and 7% up QoQ.

544 555 398 564 521 518 441 520 576 497 395 416 475 442 406 507 545 638 530 675 796 733 564 591 II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I

QUARTERLY NET INCOME (Million of US$) QUARTERLY EBITDA

(Million of US$)

2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

591 221

2019 2019

Consolidated 1Q19 results

FINANCIAL STRENGHT

36

675 591 15 1 4 16 39 175 362 1 4 4 92 6

• 12.4%

EBITDA (Million US$)

Y o Y EBITDA CHANGES BY COMPANY 1Q19 EBITDA BREAKDOWN

EBITDA decreased mainly in the forestry business, due to lower pulp prices Offset, partly, by the positive effect of IFRS 16 and a good performance of the fuels division

Consolidated 1Q19 results

FINANCIAL STRENGHT

37

280 221 14 4 3 2

• 1

5 7 16 76 126 10 72 8 1

• 21.1%

Y o Y NET INCOME CHANGES BY COMPANY 1Q19 NET INCOME BREAKDOWN

NET INCOME (Million US$)

Net Income dropped mainly because of lower operating results at the forestry sector, partly offset by non-recurring effects and a good performance of the fuels division

Consolidated 1Q19 results

FINANCIAL STRENGHT

38

Million USD 1Q 19 1Q 18 Change Net income 221 280 (59) Operating income 310 427 (117) Non operating income (25) (54) 29

Other Income

73 57 16

Other expenses

(31) (29) (2)

Other profit (loss)

2 (1) 3

Financial Income

15 12 3

Financial expense

(99) (107) 8

Profit in associated and JV's

5 10 (6)

Exchange Differences

10 7 3

Gain (losses) on net monetary position

(0) (4) 4

Taxes (49) (89) 40 EBITDA 591 675 (84) CONSOLIDATED INCOME STATEMENT

OPERATING INCOME DROPPED

• Lower revenue at Arauco, from a pulp price decrease.

Performance of the wood and forestry businesses remained stable.

• Copec and Abastible had higher operating income in Chilean

pesos, but dropped after consolidation in US dollars, due to the higher exchange rate and an increase in D&A.

LESS NEGATIVE NON-OPERATING INCOME

• Higher other income in Copec and Abastible, related to the

sale of real estate assets, and in Arauco, from an increase in the fair value of biological assets.

• Lower financial expense in Copec, due to last year’s

disbursements from the acquisition of ExxonMobil assets.

• Changes introduced by IFRS 16 have no significant total effect
• n income before taxes.

Net income dropped from lower pulp prices and higher exchange rate

Consolidated 1Q19 results

FINANCIAL STRENGHT

39

INVESTOR PRESENTATION

June, 2019